ASX closes lower as gold miners and healthcare drag
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The news: The ASX finished lower as gold miners were hit by profit taking as the spot price of the commodity remained near its record high and as health care stocks dragged.
The benchmark ASX 200 fell 0.13% to end at 8,853 despite seven out of the 11 sectors finishing in green.
The healthcare sector (-0.8%) was the worst performing as CSL (-1.9%), Pro Medicus (-1.4%), Resmed (-1.3%) and Fisher & Paykel Healthcare (-1%) all fell.
Materials (-0.5%) also performed poorly as gold miners were hit by likely profit taking while the spot price of the commodity retained gains ahead of an expected US interest rate cut by the Federal Reserve early on Thursday (AEST).
Evolution Mining (-5.3%) led losses on the ASX 200. Capricorn Metals (-4.3%), Regis Resources (-4.1%) and Perseus Mining (-3.4%) were also among the biggest losers. Gold Road Resources (-0.3%) finished slightly lower after it downgraded 2025 production and cost guidance.
Biggest movers:
- Soul Patts (-5.2%) and Brickworks (-4.9%) – The last day of trading as independent entities after a merger scheme was given legal effect on Friday.
- Avita Medical (+10.1%) – The RECELL GO skin therapy received the CE mark under the European Union Medical Device Regulation, paving the way for commercialisation in covered markets.
- IGO (+6.7%) – Citi analysts upgraded their rating on the stock from ‘sell’ to ‘neutral’ as IGO’s share price dipped below the target price. Pilbara Minerals (+9.1%), which led gains on the ASX 200 today, remained Citi’s preferred lithium mining stock. Liontown Resources (+6.3%) also gained.
- AMP (+6.5%) – Settled a class action lawsuit that alleged some of AMP’s superannuation businesses had charged excessive fees and delivered low interest rates on cash-only options for $120 million. Half will be paid by the bank with the rest paid by insurance.
Other news:
- ANZ (-0.6%) – Agreed with ASIC to ask the Federal Court to impose $240 million worth of penalties in relation to the bank’s bond trading scandal, customer hardship, false and misleading statements and fees charged to dead customers. The Finance Sector Union will lodge a dispute with the Fair Work Commission for not “properly consulting staff” on its restructure.
- Auckland Airport (+1.9%) and Ramsay Health Care (+0.5%) – The two companies have been added to Morningstar’s ‘best stock ideas’ list despite both stocks struggling due to operating cost concerns in recent months.
- Santos (+0.9%) and Woodside Energy (-0.04%) – UBS flagged that lower long-term LNG prices posed a risk, with Woodside most likely to be negatively impacted. Santos is UBS’ preferred pick in the sector.
- Dexus (+0.7%) – Completed $670 million of refinancing across two core infrastructure fund assets.
What’s ahead:
- The Federal Reserve Bank of New York will release data for the New York manufacturing index for September tonight at 10:30pm AEST.
- European Central Bank President Christine Lagarde will speak at the Montaigne Institute’s 25th anniversary event tomorrow at 4:30am AEST.
